Roundtable Discusses Investment Attraction via IPOs for State-Shareholder Joint-Stock Companies

In Bishkek, the words IPO, listing and capital market are increasingly being heard – terms that until recently seemed distant and theoretical to most Kyrgyz companies. But on 11 September, these words took on a very practical meaning.

At a round table discussion on the prospects for state-owned companies entering the stock market, key figures in the sector spoke to the heads of joint-stock companies: representatives of the regulator, the Kyrgyz Stock Exchange, and the brokerage company Senti. The presentation by Freedom Broker, a subsidiary of the American holding company Freedom Holding Corp., whose shares are traded on the NASDAQ, attracted the most attention from the audience.

For managers, this was an opportunity to hear about the ‘big game’ directly, without textbooks and theory. What does an IPO mean in practice: with risks, mistakes and new opportunities. Freedom shared its experience of working in 22 countries and explained what standards investors can expect when they enter regional projects.

Speaking to the round table participants, Marat Pirnazarov, Chairman of the Financial Market Regulation and Supervision Service, emphasised that the development of the stock market is one of the priority tasks of the Cabinet of Ministers.

‘According to the National Development Plan of Kyrgyzstan until 2030, the country aims to increase its GDP to US$30 billion. The key conditions for achieving this goal are the successful implementation of reforms, maintaining political stability and improving the investment climate,’ he said.

Acting President of the Kyrgyz Stock Exchange Aida Chodulova reminded that the KSE is the only exchange in the country with a state share. Today, it is being modernised with the support of the Eurasian Development Bank, updating its IT infrastructure and actively participating in green economy projects.

The practical part of the meeting was led by KSE Vice President Mykhtbek Abirov, who gave a presentation on ‘IPOs on the KSE’ and discussed in detail the stages of listing, tax incentives and the need for transparency to strengthen investor confidence.

The round table concluded with a discussion of real-life cases, where Freedom Broker and Senti showed how investments are attracted in practice and shared approaches that are already working in Kyrgyzstan and beyond.